Newburg, Maryland Property Taxes
The median property tax rate in Newburg, MD is 1.44%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Newburg, the typical annual property tax bill reaches $3,868, exceeding the national median of $2,690. Property taxes in Newburg are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Newburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Newburg or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newburg, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Newburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newburg to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Newburg, Maryland
Property taxes in Newburg, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newburg is 1.44%, significantly higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Newburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newburg estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Newburg's effective property tax rate to other areas in Maryland and the national median. For comparison, the 20664 zip code has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Newburg provides valuable insights into the varying tax landscape across Charles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newburg Tax Rate
1.44%
Average Charles County Tax Rate
1.34%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20664 | 1.37% | 1.40% | 1.44% | 1.48% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Newburg, Maryland
In Newburg, Maryland, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Charles County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Newburg, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in Newburg is $3,868 in the zip code 20664. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newburg Assessed Value
$272,350
Average Charles County Assessed Value
$334,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20664 | $173,180 | $202,325 | $272,350 | $387,400 | $547,900 |
Source: Ownwell
Property Tax Bills Across Newburg, Maryland
In Newburg, located in Charles County, MD, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $272,350, homeowners can expect a tax bill that varies significantly across different percentiles. At the 25th percentile, the tax bill is around $2,927, while at the 75th percentile, it can rise to $5,506, and at the 90th percentile, it reaches up to $7,870. These figures show a wide range of tax burdens, reflecting both the variability in property values and the corresponding tax assessments. Compared to the national median property tax rate of 0.99%, homeowners in Newburg might experience higher tax bills due to the specific rates and assessed values in the area. This variability in tax bills can significantly impact homeowners' financial planning, influencing decisions related to homeownership and long-term investments in the community.
Average Newburg Tax Bill
$3,868
Average Charles County Tax Bill
$4,464
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Newburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20664 | $2,487 | $2,927 | $3,868 | $5,506 | $7,870 |
Source: Ownwell